Medicare Supplemental Insurance

Medicare Supplemental Insurance helps reduce or eliminate your out-of-pocket medical cost.

Also known as Medigap, these private insurance policies work alongside your Original Medicare coverage to protect your health and your bank account.

What is Medicare Supplemental Insurance?

If you’re new to Medicare, it’s essential to know that your coverage is not comprehensive.

Looming within Medicare are copayments, coinsurance, and multiple deductibles which leave you exposed to high out-of-pocket medical costs. Medicare Supplemental Insurance policies fill in these financial gaps, which keeps money in your pocket.  

There are ten different Medigap insurance plans lettered A – N. Each plan covers a different set of gaps in your standard Medicare coverage.

Medicare “standardizes” all lettered supplement plans to provide the same coverage no matter which insurance provider you purchase from.  

You can explore the individual Medigap plans or see the comparison chart below for coverage details. 

How Do Medicare Supplements Work?

When you need medical care, Medicare provides your primary health insurance coverage. Medicare supplement insurance is a secondary form of coverage that fills the gaps not covered within Original Medicare. 

Medicare pays first. Medigap pays second.  

The two forms of coverage work together to give you better health care coverage and lower out-of-pocket costs.

Medicare Supplemental insurance plans provide financial protection; they do not supply additional services or benefits. If you’re looking to expand your Medicare coverage to include benefits for dental, vision, and prescription drugs, then you’ll want to explore Medicare Advantage.

The Popularity of Medigap Policies

8 out of 10 Medicare beneficiaries (81%) own some form of supplemental insurance. 

Those who do not own a Medicare Supplement plan are at the highest risk of incurring high medical expenses or not being able to afford the care that they need.

The vast majority of Medicare beneficiaries chose to purchase additional coverage because it protects both their health and their bank account.

Shop & Compare Medigap Insurance Plans

couple-using-laptop-to-enroll-in-medicare-supplemental-insurance

Where to Buy Medicare Supplemental Insurance?

Supplemental plans are private health insurance policies sold by private health insurance companies. Medicare sets the rules and regulations for all providers selling these policies. 

Consumers can purchase directly from an insurance provider or go through an independent insurance agency. Independent insurance agencies such as ours help you shop and compare your available options and help you find the best policy for your health and your budget. 

Anyone fully eligible for Medicare can purchase a supplemental policy. Keep in mind that you may only buy a supplemental policy during an official Medicare Enrollment Period. 

The Importance of Shopping Around

As mentioned above, all Medigap policies have a corresponding letter which identifies the benefits covered in that particular plan. All lettered plans provide the same benefits regardless of which insurance carrier you purchase from.

Though the coverage may be the same, the price of the policy is not. Insurance carriers set their price for Medigap policies. And the cost of your policy can vary significantly between carriers, which is why it’s important to shop around before making a purchase. 

There are dozens of providers offering Medigap policies. Here’s our list of the top Medicare Supplemental Insurance Companies in 2020:

medigap-comparison-chart

What are the Most Popular Medicare Supplemental Insurance Plans?

The most popular Medicare supplement plans are Plan F, Plan G & Plan N. These plans provide the most value and protect your savings from high deductibles, coinsurance, and copays.   

Here’s a brief overview of the most popular Medigap policies. 

Plan F

Plan F is currently the most popular medicare supplement plan and has been the number one choice among baby boomers for many years.

Medigap Plan F is particularly popular because it has zero out of pocket expenses. Plan F covers all Medicare deductibles, copays, and coinsurance. This plan is no longer available in individuals new to Medicare. Plan F has been discontinued as of 2020 and is only available to individuals previously enrolled in Medigap before 2020. 

What Medigap Plan F Covers

  • Medicare Part A coinsurance & hospital cost
  • Medicare Part B coinsurance and copayments
  • Blood (first 3 pints)
  • Part A hospice care coinsurance or copayment
  • Skilled nursing facility coinsurance
  • Medicare Part A deductible
  • Medicare Part B deductible
  • Part B excess charges
  • Foreign travel emergency

Plan G

Medicare Plan G is the second most popular Medicare Supplement plan behind plan F. Supplement Plan G provides big savings in exchange for a small annual deductible. Plan G covers everything Plan F does except for the Part B deductible.

What Medigap Plan G Covers

  • Medicare Part A coinsurance & hospital cost
  • Medicare Part B coinsurance and copayments
  • Blood (first 3 pints)
  • Part A hospice care coinsurance or copayment
  • Skilled nursing facility coinsurance
  • Medicare Part A deductible
  • Medicare Part B excess charges
  • Foreign travel emergency

Plan N

Plan N is the third most popular medicare supplement plan. It offers the right balance of out-of-pocket expenses and small affordable premiums. If you purchase this plan, you will pay your Part B deductible, excess charges, and some copays.

Medigap Plan N is very popular among baby boomers who like the idea of exchanging a low monthly premium for a small annual deductible and reduced copays. As you can see, Plan N is very similar to Plan F and Plan G.

What Medigap Plan N Covers

  • Medicare Part A coinsurance & hospital cost
  • Medicare Part B coinsurance and copayments
  • Blood (first 3 pints)
  • Part A hospice care coinsurance or copayment
  • Skilled nursing facility coinsurance
  • Medicare Part A deductible
  • Foreign travel emergency

Get Help Finding Your Best Policy

Shopping for a Medicare supplement policy alone can be tedious and time-consuming. Savvy shoppers will choose to work with an independent agency to help them save both time and money. 

Our independent agency helps you navigate your many options to find your best policy and lowest premium. 

We’re here to answer all your Medicare questions.

Our service is free. And there’s no obligation when speaking with an agent. 

We’ve helped thousands of seniors customize their Medicare coverage with Medicare supplemental insurance. 

We’d love to help you too.  

Explore your options today. Fill out the form on your screen to get started.

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